A new Lifetime Mortgage has been launched by Hodge Lifetime with a Flexible Repayment Option. The Flexible Repayment Option is a first for the equity release industry, making it the only plan on the market where applicants can effectively repay capital and interest. From the first anniversary of the plan onwards, the Flexible Repayment Option can be used to repay up to 10% of the original capital borrowed per annum.
The plan offers applicants the flexibility to increase or decrease the repayments to reflect their ability to contribute. The repayments can be made by cheque, bank transfer or regular standing order.
As an additional feature, the Plan has Downsizing Protection, the aim of which is to give applicants peace of mind that they will not incur any early repayment charges if, after the first 5 years, they completely repay the loan as a result of selling home and moving to a different property. During the first 5 years, they will only pay a fee on a sliding scale from 5% in year 1 to 1% in year 5.
Hodge Lifetime are long standing providers of equity release plans, and they are a founder member of Safe Home Income Plans (‘SHIP’). If you would like to learn more about the new equity release plan, it is necessary to approach an independent financial adviser specialising in equity release.
Bower are one of the leading independent specialist equity release advisers in the UK. Bower is recommended by solicitors and independent financial advisers and it is fully regulated by the Financial Services Agency (FCA). Bower offers an award-winning service. In 2011 Bower won Best Financial Adviser at the annual equity release awards ceremony hosted by Safe Home Income Plans (“SHIP”).
Bower recommends a range of lifetime mortgage and home reversion products that help you release equity from your home. It is a simple, cost-effective service that can help you make best use of the equity tied up in in your home.
Initially you can have a free, no-obligation consultation and you can make use of Bower Service’s web-based services such as its equity release calculator